TrimTabs Asset Management LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,010 shares of the software company’s stock, valued at approximately $1,411,000.
Other hedge funds have also added to or reduced their stakes in the company. Carmichael Hill & Associates Inc. purchased a new stake in Adobe in the 4th quarter valued at $25,000. Concord Wealth Partners purchased a new stake in Adobe in the 4th quarter valued at $32,000. Cordasco Financial Network raised its position in Adobe by 54.3% during the 4th quarter. Cordasco Financial Network now owns 71 shares of the software company’s stock worth $36,000 after buying an additional 25 shares during the last quarter. Capstone Triton Financial Group LLC purchased a new position in Adobe during the 4th quarter worth $46,000. Finally, Curi Capital purchased a new position in Adobe during the 4th quarter worth $48,000. Hedge funds and other institutional investors own 82.43% of the company’s stock.
In related news, EVP Abhay Parasnis sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 10th. The shares were sold at an average price of $499.17, for a total value of $1,996,680.00. Following the transaction, the executive vice president now owns 43,746 shares in the company, valued at $21,836,690.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Bryan Lamkin sold 22,188 shares of the firm’s stock in a transaction that occurred on Friday, January 29th. The shares were sold at an average price of $462.01, for a total transaction of $10,251,077.88. Following the completion of the transaction, the executive vice president now owns 93,127 shares in the company, valued at approximately $43,025,605.27. The disclosure for this sale can be found here. Insiders sold 112,558 shares of company stock worth $52,990,341 over the last three months. Corporate insiders own 0.31% of the company’s stock.
Shares of ADBE traded up $7.61 during mid-day trading on Thursday, hitting $501.02. The company had a trading volume of 48,362 shares, compared to its average volume of 2,869,100. The business’s 50-day simple moving average is $461.15 and its 200-day simple moving average is $476.51. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.31. Adobe Inc. has a 1-year low of $308.20 and a 1-year high of $536.88. The stock has a market cap of $239.49 billion, a PE ratio of 45.52, a P/E/G ratio of 2.55 and a beta of 0.97.
Adobe (NASDAQ:ADBE) last released its earnings results on Monday, March 22nd. The software company reported $3.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.79 by $0.35. Adobe had a net margin of 40.88% and a return on equity of 35.81%. The business had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the company earned $2.27 earnings per share. The company’s quarterly revenue was up 26.3% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 9.47 earnings per share for the current year.
Adobe declared that its board has approved a stock buyback plan on Thursday, December 10th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the software company to buy up to 6.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of equities analysts have commented on ADBE shares. The Goldman Sachs Group restated a “neutral” rating and set a $523.00 price objective on shares of Adobe in a research report on Wednesday, March 3rd. Credit Suisse Group started coverage on shares of Adobe in a research report on Tuesday, March 16th. They set an “outperform” rating and a $575.00 price objective for the company. Bank of America started coverage on shares of Adobe in a research report on Thursday. They set a “buy” rating for the company. UBS Group restated a “buy” rating on shares of Adobe in a research report on Thursday. Finally, JPMorgan Chase & Co. increased their price target on shares of Adobe from $585.00 to $595.00 and gave the company an “overweight” rating in a report on Wednesday, March 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nineteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $547.58.
Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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